The future of monetary exchanges lies in virtual currency. Online trading is needed to deal with the traditional barriers brought about by nationalized currencies. The leading virtual currency commanding huge profit promises is bitcoin. However, the buzz created around cryptocurrency has attracted scary risks. Fortunately, GIBXChange will help you avoid the following five potential virtual banking risks.
Online trading relies entirely on technology. Therefore, it is a core consideration when choosing an exchange platform. The fact that the cryptocurrency economy is too young to be predicted forces all traders to be keen on the technological structures of service providers. Exceptional due diligence is required. Fortunately, GIBX uses seventh-generation core technology that runs the transaction engine system. This technology has ensured smooth, stable, and safe transactions.
Financial Loss and Cyber Theft
The high possibility of cyber theft is one of the main reasons behind the branding of bitcoin trading as a Ponzi scheme. There are also general financial losses. Some financial experts believe that bitcoin transactions aim to benefit a few at the expense of the ignorant mass. There are suggestions that the ever-rising demand creates a bubble economy that will burst in the foreseeable future. Such a scenario is likely to lead to a nil return on investment. Secondly, hackers are always looking for online financial accounts to jack. Luckily, GIBX has modern technology able to protect you against cybercrimes. Diversification and strategic investment in real estate and other sectors is another surety that you will enjoy.
Some bitcoins trading service providers are operating without any regulations laid down to protect users by host countries. Other players enjoy limited jurisdictions. Several governments are yet to make solid legislations regarding this new financial item. Additionally, the lack of taxation tempts many people to invest everything in bitcoin. The uncertain future government regulations are scary.
However, GIBX has regulations from several states across the globe. These licenses are proof of a secure and regulated financial space. More are still being sort to cover as many countries as possible. Here are some of the prestigious licenses obtained by Global Investment Bank & Capital Trust.
The Department of Consumer and Regulatory Affairs (DCRAs) in Washington DC issued a digital banking license numbered T00006097181 to GIBX.
- There is a National Futures Association (NFA) license with registration number
- The British Financial Conduct Authority (FCA) has also certified this exchanges platform.
- Another notable online trading license is from the Financial Supervision Agency of the Central Bank of Lithuania. This license is a European Union gateway.
- The United States Department of the Treasury issued a FinCen MSB Financial Regulatory License numbered 31000163795710.
- AFF DIGIT BANK is working on the final touches on the Dominican Financial Services Department (FSU) license and Estonia (ESTONIA) crypto assets full license.
- Helpful information about GIBX is readily available on US Financial Regulatory. The same is on Australian Transaction Reports and Analysis Centre (AUSTRAC) official websites.
Limited Use and Block Withholding
The fact that there is a danger of limited crypto use and block withholding by some service providers makes this seem a lame financial choice. Despite offering an alternative monetary exchange space, many entities are yet to accept bitcoin as real money. Additionally, solving blocks (mathematical equations) during exchanges result in the making of new bitcoins. Unfortunately, some mining pools use their mathematical power to mine a block and hide it from users. Some people suggest that this is a means to benefit a few investors at the expense of novice users.